what does FUTEX do ?

[FUTEX]

For F*cks Sake.

I think you're gonna continue to get flamed util you shut down this thread.

Anyway... you never gave me a clear answer regarding desk fees and VAT. What part of your fees are under the scope of VAT if you would. I don't need figures yet (I know you don't wanna discuss that stuff here), just the narrative will do me.

I answered your VAT question directly on post number #72 on this thread. I am not sure what flamed is

 

[pboyles]

I am not sure what flamed is

An angry response

 

[scose-no-doubt]

Oh, sorry. Is that relating only to desk rental or is that for other thingymajigs?

 

[FUTEX]

thank you

 

[scose-no-doubt]

An angry response

Or provocative post imo. Or is that trolling.

 

[N Rothschild]

i dont really give a toss about futex. BUT traders at futex probably do know what they are doing better than most idiots on this forum..so futex doesn't really need some sort of approval from trade2win lol.

 

[new_trader]

An angry response

No. It is an insulting response. If you need any examples just read every 3rd post by N Rothschild, there is no anger, just flaming.

 

[DT]

FFS, if you really have to persist in promoting this nonsense, at least report percentage returns.

2K a day, or 6 figure sums is meaningless drivel.

% returns are fairly meaningless in this context - if you were to calculate based on the portion of available margin required by a particular trader to put on the positions he did then you'd be looking at a very very large % return in just a month.

Traders at arcades will often have a maximum number of lots they can trade on particular contracts and a maximum amount they can lose in a day- they won't necessarily use the full amount they're allowed day to day either.

General idea is that you start off the month with a zero balance (unless you're carrying a loss from the previous month) and end up with a five figure sum at the end of the month (or perhpas more if you're particularly good or had a good month).

More meaningful figures are the size they trade, the amount they made and the number of round turns.

 

[tuscan]

Hi Tuscan. I am sorry to disappoint you, but I would not dream to answer with such specifics about numbers, dates times etc at Futex. You are welcome to visit and ask people directly. You are very welcome. But, to post numbers like some kind of "boast", would be meaningless, plus, you would then say.Prove it? What would you have me do then, post confidential information in the public domain.

Look, Futex is a trading house therefore, we have people who lose money daily, we have people who break-even daily, and we have people, who make, say £2000 a day every day, and who on a good day we have traders who make six figure sums. The only way you can verify this really is to meet the traders on our floors and ask around.

Nobody needs a verification and a proof... what you were asked would give the idea of what people are doing there, how fast they develop in that environment. Thank you at least for the second part. Everyone knows that you trade you have state of the art technology, you have experience...
I was invited to Futex on this initial test in 2011 but I didn't have a chance to speak to traders really because firstly why interrupt them that is not their role and secondly we were told to wait in the kitchen not to chat with traders...
I didn't "pass" this test because 1/4 of it was fully depend on knowing the exact meaning of words which I have seen for the first time even though I read in english , hear it and use it everyday , I'm just not native speaker,not educated in England unfortunately. I was really surprised when I seen that part of the test and more surprised when I saw that words. It is a pity that I couldnt really check myself becuase of that, especially when you dont need to know some idioms not related to trading, math and economy in that type of work.
Thanks for invitation but you know that saying it is just bla bla bla meaningless **** talk and thats why you say it. I spent 500pounds to be there and I dont plan to do it again soon. When I was at Futex everything was fine but here I think the quality of information you put here may suit people new to this and dont know anything about it. You didnt even answer the question about calendar spreads. Pfff....

 

[scose-no-doubt]

Getting warm in here...

 

[FUTEX]

Tuscan, with all due respect we get hundreds of applicants, and although I am sure you are a high quality applicant, unfortunately this did not come across otherwise you would have been invited for an interview. As for meeting traders, that is something that can be arranged, but would not be part of a interview or assessment under normal circumstances.
The comprehension part give us information about some skills u may or may Not possess. It would not in itself give us a total picture. How did u get on with the mathematical and non verbal reasoning parts, which are weighted higher? Calendar spreads, maybe you are confusing us with STA, its not something we do much with.

 

[FUTEX]

Usually, when people fly in they are offerred an interview. Tuscan, can u PM some details, I would like to look into this a bit deeper.

 

[Hotch]

The comprehension part give us information

People who don't know the meaning of irony would call this ironic.

 

[Pi3141]

Futex,

Besides the initial interview tests (numerical tests/face-to-face interviews etc), do traders need to do any further tests once they are successful in becoming backed by Futex? - such as FSA exams etc.

Thanks,

Pi

 

[FUTEX]

Futex,

Besides the initial interview tests (numerical tests/face-to-face interviews etc), do traders need to do any further tests once they are successful in becoming backed by Futex? - such as FSA exams etc

Pi, they do not take any further exams, tests, etc

 

[Pi3141]

^ Thanks for the info

 

[N Rothschild]

Out of interest, is there a high correlation between the top scores on those tests and who becomes the most successful traders?

 

[FUTEX]

Out of interest, is there a high correlation between the top scores on those tests and who becomes the most successful traders?

Thats a great question, especially as the answer is NOT a High Correlation.

So you will ask why bother? Because its gives us some measure of probability of success. It has to be taken in conjunction with all the other parameters. E.g. Education, Drive, Persistance, Passion, etc etc.

 

[N Rothschild]

i didn't think it would i have often thought these tests are a complete waste of time. unless you are a quant trader you do not need to be some sort of maths genius. thats why god invented trading platforms and bloomberg..and worst case..a calculator

 

[FUTEX]

Potential talent can be a great thing. But without drive it is likely to be wasted. Im not speaking about trading, Im speaking in absolute terms.
Futex would not take on someone who was off the charts in potential, but had previously demonstrated themself to be without drive. However, we would considr taking on someone who achieves highly, even if they 'scored' lower than expected in these tests.